Will SMAs and Trendline Offer EUR/USD Support?

EUR/USD Weekly

EUR/USD WeeklyWhile it looks like there’s no stopping the euro’s sell-off after the 1.3500 handle gave out, a quick look at the weekly chart would show us that the pair could encounter a support level very soon. It is evident on the higher timeframe that EUR/USD is on an uptrend, as evidenced by the higher lows that it has been making since July 2012. In fact, the pair is trading around the rising trend line that is formed by connecting these lows. The 200 and 100 SMA also look like they would converge around the area of 1.3450.

To contact the reporter of the story: Jonathan Millet at john@forexminute.com.